Non-destructive Testing Equipment Market to Reach US$4.8 bn by 2021, Driven by Rising Demand from Various Industries

With industries around the world seeking to lower the overall cost incurred on production and sustain high quality standards, the demand for non-destructive testing equipment has significantly increased. Stringent safety regulations enforced by governments for quality control and the need for reliable performance of machines have further aided the expansion of the global non-destructive testing equipment market.In its report, titled “Non-Destructive Testing Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” Transparency Market Research (TMR) covers aspects such as the market segmentation based on various parameters and factors influencing the market’s growth trajectory between 2015 and 2021.

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Non-destructive testing equipment is mainly used to inspect or evaluate faults in components, materials, or assemblies in machines installed across industrial units. It also helps in determining the physical properties of materials such as ductility, tensile strength, fatigue strength, fracture toughness, and impact resistance. The most crucial benefit offered by non-destructive testing equipment is helping manufacturers to reduce the cost incurred on production and sustain uniform quality levels.

The market, according to the report, was valued at US$3.21 bn in 2014 and is expected to reach US$4.78 bn by the end of 2021. If the figures hold true, the global non-destructive testing equipment market will exhibit a CAGR of 5.8% between 2015 and 2021.

Regionally, the report segments the global market for non-destructive testing equipment into Asia Pacific, Europe, North America, and Rest of the World. Of these, North America dominated the global market in 2014 and is expected to remain in its undisputed position as the market leader until 2021. While Europe has emerged as the second largest market for non-destructive testing equipment, Asia Pacific is anticipated to exhibit the fastest CAGR during the report’s forecast period.

Based on technology, the market is segmented into radiography testing, visual testing, ultrasonic testing, electromagnetic testing, and others (including liquid penetrant testing and magnetic particle testing). Of these, the ultrasonic testing segment held the largest share in the market in terms of revenue in 2014. The growing demand for ultrasonic testing from industries such as manufacturing, construction, defense, aerospace, and automotive gives a significant impetus to the ultrasonic testing segment.

In terms of end-use industry, the market is further segmented into aerospace, defense, automotive, power generation, oil and gas, and others (including medical, polymer, and plastic). Of these, the power generation industry dominates the market. However, the automotive segment is anticipated to exhibit the fastest CAGR during the forecast period.

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To provide a comprehensive overview, the report also profiles the leading companies operating in the global non-destructive testing market. Some of the companies profiled in the report are YXLON International GmbH (Germany), Magnaflux Corporation (United States), Olympus Corporation (Japan), Mistras Group Inc. (United States), Nikon Metrology NV (Belgium), Sonatest Ltd. (United Kingdom), Zetec Inc. (United States), Eddyfi NDT Inc. (Canada), and GE Measurement & Control Solutions (United States).

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This release was published on openPR.